The firm notes PDF

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THE FIRM NOTES CLASS 1 What is a firm? -

(collective) unit for specialized production Created by persons in the market

Judicial unity -

Subordinated to specific laws and regulations regarding firms Created by politicians

A key in economic instiution Unit for production of goods and services A property or an investment object -

In order to obtain dividends and profi

Administrative units -

Hierarchy Flat structure

Bundle of resources -

Knowledge skill trademark, power, money

Who is the firm for? (stakeholders) -

The customers/conusmers (products) Owners/shareholders (profits/RoI) Government (taxes, employment, technological developments) Suppliers (a stable market) Society (local community…) (employment) Employees (employment, good working environment) Others affected/ involved (externalities; environment, health and society)

Reflection -

Food for thought and consideration/ contemplate, abstraction, understanding/ analyze, synthesize/ see and articulate connection and relations Articulate positions; arguments for and against Written and textual ability to capture complex phenomenon Think about all perspectives, outcomes, regarding a decision or an idea, how this may affect the different stakeholders. Revision, doubting, what can be done better.

Capitalistic Market economy 1.- 2.- 3.- 4.? Meritocracy? 5.+ 6.1 + 2 + 3+ 4+ 5- 6 ?

THE FIRM NOTES Why is history important? -

Contributes to reflection Creates identity History is used in politics...